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land118
03-09-11, 09:12
Straits Times: Sat, Sep 03

Freehold bargains still around
SKY-HIGH home prices might be the talk of the town but there are still bargains to be had - if prices are anything to go by - even in this fevered market.

At least 47 freehold homes have sold for $600 per sq ft (psf) or less - and under $1 million - so far this year, according to caveats lodged with the Urban Redevelopment Authority. That is sweet music for home hunters faced with prices that have been edging above $1,200 psf even in new suburban projects.

Buyers have been finding lower-priced freehold homes around the Geylang, Hougang and Pasir Ris areas, though a cheap property can mean it is in a dodgy neighbourhood or has no end of problems.

The cheapest home sold this year by unit price was a 2,433 sq ft apartment in Lorong 20 Geylang that went for just $251 psf - or $610,000 - in June.

Ballota Park condo in Pasir Ris also had three apartments changing hands for under $1 million and at $600 psf or under, while Wing Fong Mansion in Lorong 14 Geylang had six.

Surprisingly, there were also two units in prime District 11 that fell into the bargain-bin category. A 1,098 sq ft flat at Shelford Regency in Bukit Timah was snapped up at $546 psf - or $600,000 - while an 861 sq ft home at Novena Court was bought for $581 psf, or $500,000.

The 47 transactions comprise only a tiny fraction of the 9,437 secondary transactions of non-landed homes - excluding executive condos - in the market this year. Experts say many of the units could be in older developments, in less convenient locations, in original condition or include private enclosed spaces that reduce the size of the unit's livable space.

Chesterton Suntec International research head Colin Tan noted that many of the Geylang apartments are in seedy red-light districts. Some of the units could also be rented to foreign workers.

'There could also be a financing issue where loans for such units are seen as higher risk, so potential buyers might have to fork out cash instead, further reducing the pool of buyers,' he added.

Cushman & Wakefield's Asia-Pacific research senior manager Ong Kah Seng said such deals, especially for homes at $500,000 and below, have been falling. The number sold below $1 million has also fallen from 74 per cent of all non-landed transactions in 2005 to 45 per cent last year, Cushman's analysis showed.

'The decline in their share is significant, largely due to a run-up in private residential prices over the years,' he said. '(It) also meant there are much fewer lower-cost choices available for buyers who may have to compromise on the accessibility, locality, the size or age, and tenure of their home to meet their budget.'

But bargain-hunters might still bite. Smartloans.sg chief executive Vinod Nair estimates that an 80 per cent loan of $800,000 on a $1 million home on current interest rates means a monthly mortgage of just $2,700 on a 30-year loan.

But Mr Ong said buyers should also note that some properties have limited resale value in terms of locality, or require higher maintenance costs due to age.

Kim Eng analyst Ooi Ti Tung said that completed freehold units below $600 psf are attractive as the replacement cost of such units is at least $650 psf, comprising land and construction costs.

Montaigne
03-09-11, 09:21
If only I can find such projects :doh: Its either I go for Freehold, or I go for EC. But for own stay, most of my friends and relatives advised against EC cos it is still LH tho cheaper..

kingkong1984
03-09-11, 09:23
FH at red light district.

FH facing and very close to expressway.

FH at ulu location where no one will consider if not for the price.

FH at old and run down apartments where u need to spend money to restore and maintain.

FH with history of ....

The price is the give away.

FH cheaper than LH, the buyer is smart or the seller is stupid? Who has the last laugh?

land118
03-09-11, 11:15
As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...

kingkong1984
03-09-11, 11:20
As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...

There is a price for everything and winners can be made. It all boils down to investment criteria and time horizon. Self stay folks have diff sets.

Regulators
03-09-11, 11:39
I think the time for you to enter the market should be drawing very near, have you decided on a project and are you going for fh or lh?
There is a price for everything and winners can be made. It all boils down to investment criteria and time horizon. Self stay folks have diff sets.

Allthepies
03-09-11, 13:14
As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...
rich investor will buy this kind of places meh, more prob they go for the marc, 6000psf, 3000sqft :) more likely for small investors

ysyap
03-09-11, 14:27
Only 47 such transactions were made for few thousand investors waiting and looking. Chances are so small, its less than 1%. Such got relationship then can get such deals. Either agents scoop up or recommend to their friends and relatives. The rest of us got no chance de! :doh:

kingkong1984
03-09-11, 17:11
I think the time for you to enter the market should be drawing very near, have you decided on a project and are you going for fh or lh?

Nope, u have anything to recommend?

kingkong1984
03-09-11, 17:34
Only 47 such transactions were made for few thousand investors waiting and looking. Chances are so small, its less than 1%. Such got relationship then can get such deals. Either agents scoop up or recommend to their friends and relatives. The rest of us got no chance de! :doh:


I give u lobang...

http://www.propertyguru.com.sg/listing/5614131/for-sale-wing-fong-mansions

http://www.propertyguru.com.sg/listing/4027060/for-sale-summer-view

DC33_2008
03-09-11, 19:27
Can also venture into other businesses. :D
As long cheap, pple will buy..., some rich investor, small change...less than $1m, just buy and park some $ there...

land118
03-09-11, 19:27
rich investor will buy this kind of places meh, more prob they go for the marc, 6000psf, 3000sqft :) more likely for small investors
$20m asset, at least half paid ...and another $3-5m cash, u consider rich or nt? Or nt rich enough for u? My good friend, retiree, live in a semi-D, got another 2 terrace landed rented out, 2 condos rented out, nimble here and there....even in small property, as long he consider bargain. Sometimes, 1-2 properties may be empty at any time during changing of tenants. All his properties, OCR and RCR.:D

DC33_2008
03-09-11, 19:30
Retire at what age?
$20m asset, at least half paid ...and another $3-5m cash, u consider rich or nt? Or nt rich enough for u? My good friend, retiree, live in a semi-D, got another 2 terrace landed rented out, 2 condos rented out, nimble here and there....even in small property, as long he consider bargain. Sometimes, 1-2 properties may be empty at any time during changing of tenants. All his properties, OCR and RCR.:D

hyenergix
03-09-11, 19:43
Depends on the starting point. My friend's uncle never even worked before. Inherited 3 condos from his grandfather. Just collect rental and reinvest in other properties. C'est la vie...

land118
03-09-11, 20:03
Retire at what age?
60.............

land118
03-09-11, 20:05
Depends on the starting point. My friend's uncle never even worked before. Inherited 3 condos from his grandfather. Just collect rental and reinvest in other properties. C'est la vie...
These are may be the quiet rich.., that the flashy type that need to live in CCR and drive flashy cars..., and there are many around, quietly enjoying life....collecting rental...(property can also include shophouses)

DC33_2008
03-09-11, 20:26
Hope to retire before 55 with properties to replace my active income from the job and enjoy the same lifestyle. May not be like your land 118's good friend. I am a simple person who does not drive flashy cars.

land118
03-09-11, 20:33
Hope to retire before 55 with properties to replace my active income from the job and enjoy the same lifestyle. May not be like your land 118's good friend. I am a simple person who does not drive flashy cars.
Bro, possible la...., just invest at correct timing...when hit 55, just collect rental..., 4 wheels can liao....:D

DC33_2008
03-09-11, 20:42
Working hard to achieving my goal. 60 plus is rather too old to enjoy life. Got some friends who retires at 40 or goes part-time and enjoying life.
Bro, possible la...., just invest at correct timing...when hit 55, just collect rental..., 4 wheels can liao....:D

hyenergix
03-09-11, 21:07
Working hard to achieving my goal. 60 plus is rather too old to enjoy life. Got some friends who retires at 40 or goes part-time and enjoying life.

I hope to retire around 55 years old. Whether I can collect rental to sustain depends on whether Singapore economy still attracts workers to come and rent from me in the next few decades. What will the world become? Maybe Singapore may not exist any more :eek:

DC33_2008
03-09-11, 21:15
Population will certainly grow with more FTs in Singapore even if there are more non-ruling MPs in parliament. There will be more graduates striving for better housing so there will still be a demand for private housing. Houses will be more compact and COEs will be more expensive. There will be more millionaires in Singapore and GST will be beyond 7%. Hopefully, I will still be around to see them.
I hope to retire around 55 years old. Whether I can collect rental to sustain depends on whether Singapore economy still attracts workers to come and rent from me in the next few decades. What will the world become? Maybe Singapore may not exist any more :eek:

land118
03-09-11, 21:25
Population will certainly grow with more FTs in Singapore even if there are more non-ruling MPs in parliament. There will be more graduates striving for better housing so there will still be a demand for private housing. Houses will be more compact and COEs will be more expensive. There will be more millionaires in Singapore and GST will be beyond 7%. Hopefully, I will still be around to see them.
Now $1mil is common, many have property more than a million liao. If want to feel a bit rich, at least $5m in assets and cash combined.:2cents:

DC33_2008
03-09-11, 21:30
Need at least $8mil asset(including fully-paid up properties) /cash to retire comfortabiy and happily as a family.
Now $1mil is common, many have property more than a million liao. If want to feel a bit rich, at least $5m in assets and cash combined.:2cents:

land118
03-09-11, 21:55
Need at least $8mil asset(including fully-paid up properties) /cash to retire comfortabiy and happily as a family.
Our Toto jackpot and Big Sweep prizes is getting smaller and smaller with inflation and by property term$. Singapore Pools should look to up these prizes..., if not, win these top prizes, cannot consider windfall...liao

Big Sweep - up from $2.2m to $5m

Toto jackpot- min $2m

DC33_2008
03-09-11, 22:00
$8 mil at conservative 3% p.a. return is about $20,000 a month which is just about enough for a couple.
Our Toto jackpot and Big Sweep prizes is getting smaller and smaller with inflation and by property term$. Singapore Pools should look to up these prizes..., if not, win these top prizes, cannot consider windfall...liao

Big Sweep - up from $2.2m to $5m

Toto jackpot- min $2m

hyenergix
03-09-11, 22:09
$8 mil at conservative 3% p.a. return is about $20,000 a month which is just about enough for a couple.

$20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day... :p

land118
03-09-11, 22:10
$20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day... :p
Like that, need to add another 2 zeros ...:D

kingkong1984
03-09-11, 22:11
can lah... just downgrade your living to a poorer country...

can be king there... maybe in india!

DC33_2008
03-09-11, 22:12
As I said earlier, I am a simple person who does not need flashy cars. Just one/two maids will do and travel once every two months.
$20k per month is not enough. You still need to pay 10 servants and butlers, change to a new sports car and and tour to the hottest destinations every month, dine in fine restaurants, drink the most exotic wine and enjoy spa every day... :p

hyenergix
03-09-11, 22:12
can lah... just downgrade your living to a poorer country...

can be king there... maybe in india!

Just watched a Chinese (Ch8 or whatever) TV documentary. The Indian gardener owns several properties in India :eek: Pls show some respect to the foreign worker gardeners! :D

kingkong1984
03-09-11, 22:16
Just watched a Chinese (Ch8 or whatever) TV documentary. The Indian gardener owns several properties in India :eek: Pls show some respect to the foreign worker gardeners! :D

precisely... their uni grad come here and earn peanuts and can be a small king there...

u go there... wah!!! abnn alot for you.

hyenergix
03-09-11, 22:20
My ex-colleague's maid owns a few provision shops in Philippines (really!) :scared-3: Pls show some respect to the maids :D

DC33_2008
03-09-11, 22:24
That is why some people migrate.
My ex-colleague's maid owns a few provision shops in Philippines (really!) :scared-3: Pls show some respect to the maids :D

ysyap
03-09-11, 22:40
can lah... just downgrade your living to a poorer country...

can be king there... maybe in india!In the list of top 50 richest people in the world, two came from India (none from China). Actually move to Vietnam you'll become king already. No need India! :sleep:

DC33_2008
03-09-11, 22:48
None from becos they will not want declare their wealth. Otherwise, they will be track down for corruption and follow by death sentence.
In the list of top 50 richest people in the world, two came from India (none from China). Actually move to Vietnam you'll become king already. No need India! :sleep:

ysyap
03-09-11, 22:51
None from becos they will not want declare their wealth. Otherwise, they will be track down for corruption and follow by death sentence.Well that richest guy in China commanding $8billion USD so he should be tracked down and :violent-shooting: very soon? LOL! No lah... not always the case! :cheers1:

kingkong1984
04-09-11, 12:10
I give u lobang...

http://www.propertyguru.com.sg/listing/5614131/for-sale-wing-fong-mansions

http://www.propertyguru.com.sg/listing/4027060/for-sale-summer-view

another lobang...

http://www.propertyguru.com.sg/listing/5875626/for-sale-sembawang-cottage

cheap for a reason lah.. when even agents and their relatives dun want to buy... u know lah...

Better be quick and buy before someone else do!

jwong71
04-09-11, 12:16
another lobang: 500k for 753sqft walkup apt 999yrs

http://www.propertyguru.com.sg/listing/5962720/for-sale-lavender-street

kingkong1984
04-09-11, 12:19
another lobang: 500k for 753sqft walkup apt 999yrs

http://www.propertyguru.com.sg/listing/5962720/for-sale-lavender-street

hmm.... this lobang pricing very attractive... but maybe kanna compuslory slaughter?

mantrix
04-09-11, 13:23
another lobang...

http://www.propertyguru.com.sg/listing/5875626/for-sale-sembawang-cottage

cheap for a reason lah.. when even agents and their relatives dun want to buy... u know lah...

Better be quick and buy before someone else do!

And then enjoy the construction and eventually the NSE view?

buttercarp
04-09-11, 15:42
another lobang...

http://www.propertyguru.com.sg/listing/5875626/for-sale-sembawang-cottage

cheap for a reason lah.. when even agents and their relatives dun want to buy... u know lah...

Better be quick and buy before someone else do!

In May a slightly smaller unit transacted at $435 psf at $838K.
I drive thru the McDonald there on and off.
Has the history of Yishun got to do with its price?

buttercarp
04-09-11, 15:55
In May a slightly smaller unit transacted at $435 psf at $838K.
I drive thru the McDonald there on and off.
Has the history of Yishun got to do with its price?

The price is according to the ura website.

mantrix
04-09-11, 16:36
In May a slightly smaller unit transacted at $435 psf at $838K.
I drive thru the McDonald there on and off.
Has the history of Yishun got to do with its price?

I thought I already hinted at the reason?

This is not a condo and somemore all units face the new NSE

devilplate
04-09-11, 17:56
This article crappy n misleading:tsk-tsk:

devilplate
04-09-11, 17:57
I give u lobang...

http://www.propertyguru.com.sg/listing/5614131/for-sale-wing-fong-mansions

http://www.propertyguru.com.sg/listing/4027060/for-sale-summer-view
These kind of apt shd only worth 500-550psf....above 600psf is extremely ex!:doh:

If its odd lorong above 30, den 6xxpsf still ok

kingkong1984
04-09-11, 18:07
These kind of apt shd only worth 500-550psf....above 600psf is extremely ex!:doh:

If its odd lorong above 30, den 6xxpsf still ok

just sharing.. anyway it said negotiable... agree it sucks or overpriced or etc. You should look at their entry price... maybe half?

not my cup of tea...

wind30
04-09-11, 20:06
I thought I already hinted at the reason?

This is not a condo and somemore all units face the new NSE

Oh... The northern part of NSE is a viaduct which is elevated....

buttercarp
04-09-11, 21:11
I thought I already hinted at the reason?

This is not a condo and somemore all units face the new NSE

Oh, at first i didn't know what is NSE, now I know!:ashamed1:
Really ar.... so bad?

ysyap
04-09-11, 21:31
Oh, at first i didn't know what is NSE, now I know!:ashamed1:
Really ar.... so bad?Its bad not just during the construction phase of NSE. It'll get worse once NSE is completed. The noise decibel will shoot through the roof man! :beats-me-man:

cl0ver
04-09-11, 22:57
In the list of top 50 richest people in the world, two came from India (none from China). Actually move to Vietnam you'll become king already. No need India! :sleep:

why go vietnam when Thailand gives you more smiles....

radha08
05-09-11, 09:18
I give u lobang...

http://www.propertyguru.com.sg/listing/5614131/for-sale-wing-fong-mansions

http://www.propertyguru.com.sg/listing/4027060/for-sale-summer-view

wohoo stay there everyday kokstand...:scared-1:

ysyap
05-09-11, 11:01
why go vietnam when Thailand gives you more smiles....Thailand too many boygirl. Not comfortable lah! :D

Geylang OKT
05-09-11, 16:58
another lobang: 500k for 753sqft walkup apt 999yrs

http://www.propertyguru.com.sg/listing/5962720/for-sale-lavender-street

There were some units in geylang, walkup apts 999LH, 1000sqft in size transacting at just $190k to $210k some years back :D :D :D

These earlier owners are now making handsome profits... much more than double of what they paid for! :D :D :D :D :D

Geylang OKT
05-09-11, 17:05
Actually not cheap if you ask me. As one of the long time OKTs in geylang, I can tell you the asking prices here are totally out of the world and no longer cheap :scared-3: :scared-3: :scared-3: :D


I give u lobang...

http://www.propertyguru.com.sg/listing/5614131/for-sale-wing-fong-mansions

Asking $550k 752psf 2 bedder is definitely not cheap. Wing Fong mansions 1200+sqft 3 bedder used to cost just $430k. :scared-4:

http://www.propertyguru.com.sg/listing/4027060/for-sale-summer-view

Summerview asking $800k ditto very expensive. Used to transact at a mere $400k a couple of years ago! :scared-4:

solsys
05-09-11, 18:10
Its bad not just during the construction phase of NSE. It'll get worse once NSE is completed. The noise decibel will shoot through the roof man! :beats-me-man:

MRT sound considered quite ok loh.... compared to expressway.....

jwong71
05-09-11, 18:27
There were some units in geylang, walkup apts 999LH, 1000sqft in size transacting at just $190k to $210k some years back :D :D :D

These earlier owners are now making handsome profits... much more than double of what they paid for! :D :D :D :D :D

luckily im not in any urgency for a roof!!:D

mygeemeel
05-09-11, 20:25
MRT sound considered quite ok loh.... compared to expressway.....

One of the bros here name Regulators has a strong view against MRT noise. Calling Regulators... Come out and give your comments. :cheers6:

westman
05-09-11, 20:31
One of the bros here name Regulators has a strong view against MRT noise. Calling Regulators... Come out and give your comments. :cheers6:

hahaha... to qualify free from MRT noise, project has to be 800m away from track or MRT...if I recalled correctly from one of his post...:2cents:

mygeemeel
05-09-11, 20:33
hahaha... to qualify free from MRT noise, project has to be 800m away from track or MRT...if I recalled correctly from one of his post...:2cents:

Hey bro Westman! :cheers6:
Yeap, I miss Regulators and need his opinion on the MRT noise again. His MRT track recording is needed here. :D

Regulators
05-09-11, 20:51
As the frequency of MRT trains increases and the 24-year-old MRT system ages, residents living close to MRT viaducts could experience higher noise levels – an issue that already plagues some.

Hence, the Land Transport Authority (LTA) is embarking on an island-wide study to identify locations that require special attention to reduce noise, even as it kicks off a pilot project to install low-noise barriers near Bishan MRT Station, by the middle of next year.
And similar barriers could be installed at other locations, depending on the outcome of the LTA’s noise measurement study, which will cover more than 500 blocks located close to MRT viaducts or open tracks.
Currently, trains entering or leaving Bishan MRT Station go through a tunnel, which has a unique design that amplifies noise when trains exit from it, because of what is known as the “trumpet effect”, said the LTA.
As the train tracks are just 26m to 35m from the nearby six-storey Blk 503 at Bishan Street 11, the rumblings have been a nuisance for some residents.
Mr Chua Pau Huat, who has been living on the third storey for the last 20 years, tries to shut out the noise by closing his windows.
He said it was worse in the mornings as trains pass by more frequently. “The noise is very loud, and I can’t hear the television each time the train goes past. You can ask the rest of the residents, they also have the same problem,” said Mr Chua.
A resident on the fifth floor who only wanted to be known as Madam Chong, said that she could not hear a thing when talking on the phone, because of the noise from the trains.
On the other hand, Madam Maimunah Ismail, who lives on the second floor, described the noise as tolerable.
For now, the LTA said the train noise is within 80dB to 85dB, which is like listening to loud music in a room. The barriers are expected to reduce noise by at least 5dB – to within 75dB to 80dB- which would be like listening to someone practising on the piano, said LTA.
The 2m tall barriers will stretch 180m and are insulated with materials such as rockwool, which absorbs noise. They will extend at least 25m into the tunnel.
The LTA will call for a tender to install the barriers at Bishan later this month. Work is expected to begin in September and will be completed by the second quarter of next year.
The LTA said the installation of noise barriers is a complex procedure, which can be done during non-operational hours, typically between 1.30 am and 4am. Drilling works will go on for about a month and residents would be informed about this.

westman
05-09-11, 21:25
As the frequency of MRT trains increases and the 24-year-old MRT system ages, residents living close to MRT viaducts could experience higher noise levels – an issue that already plagues some.

Hence, the Land Transport Authority (LTA) is embarking on an island-wide study to identify locations that require special attention to reduce noise, even as it kicks off a pilot project to install low-noise barriers near Bishan MRT Station, by the middle of next year.
And similar barriers could be installed at other locations, depending on the outcome of the LTA’s noise measurement study, which will cover more than 500 blocks located close to MRT viaducts or open tracks.
Currently, trains entering or leaving Bishan MRT Station go through a tunnel, which has a unique design that amplifies noise when trains exit from it, because of what is known as the “trumpet effect”, said the LTA.
As the train tracks are just 26m to 35m from the nearby six-storey Blk 503 at Bishan Street 11, the rumblings have been a nuisance for some residents.
Mr Chua Pau Huat, who has been living on the third storey for the last 20 years, tries to shut out the noise by closing his windows.
He said it was worse in the mornings as trains pass by more frequently. “The noise is very loud, and I can’t hear the television each time the train goes past. You can ask the rest of the residents, they also have the same problem,” said Mr Chua.
A resident on the fifth floor who only wanted to be known as Madam Chong, said that she could not hear a thing when talking on the phone, because of the noise from the trains.
On the other hand, Madam Maimunah Ismail, who lives on the second floor, described the noise as tolerable.
For now, the LTA said the train noise is within 80dB to 85dB, which is like listening to loud music in a room. The barriers are expected to reduce noise by at least 5dB – to within 75dB to 80dB- which would be like listening to someone practising on the piano, said LTA.
The 2m tall barriers will stretch 180m and are insulated with materials such as rockwool, which absorbs noise. They will extend at least 25m into the tunnel.
The LTA will call for a tender to install the barriers at Bishan later this month. Work is expected to begin in September and will be completed by the second quarter of next year.
The LTA said the installation of noise barriers is a complex procedure, which can be done during non-operational hours, typically between 1.30 am and 4am. Drilling works will go on for about a month and residents would be informed about this.

bro, missed out attaching the Eeeeeee video leh... hahahaha..

westman
05-09-11, 21:26
Hey bro Westman! :cheers6:
Yeap, I miss Regulators and need his opinion on the MRT noise again. His MRT track recording is needed here. :D

hey, coolected your chex? :cheers1:

mygeemeel
05-09-11, 21:40
hey, coolected your chex? :cheers1:

You didn't see my caveat meh? :sleep:

mr funny
08-09-11, 02:05
http://www.straitstimes.com/Money/Story/STIStory_708902.html

Published on Sep 3, 2011

Freehold bargains still around

But these units are often in less attractive areas, or in poorer condition

By Esther Teo, Property Reporter


SKY-HIGH home prices might be the talk of the town but there are still bargains to be had - if prices are anything to go by - even in this fevered market.

At least 47 freehold homes have sold for $600 per sq ft (psf) or less - and under $1 million - so far this year, according to caveats lodged with the Urban Redevelopment Authority. That is sweet music for home hunters faced with prices that have been edging above $1,200 psf even in new suburban projects.

Buyers have been finding lower-priced freehold homes around the Geylang, Hougang and Pasir Ris areas, though a cheap property can mean it is in a dodgy neighbourhood or has no end of problems.

The cheapest home sold this year by unit price was a 2,433 sq ft apartment in Lorong 20 Geylang that went for just $251 psf - or $610,000 - in June.

Ballota Park condo in Pasir Ris also had three apartments changing hands for under $1 million and at $600 psf or under, while Wing Fong Mansion in Lorong 14 Geylang had six.

Surprisingly, there were also two units in prime District 11 that fell into the bargain-bin category. A 1,098 sq ft flat at Shelford Regency in Bukit Timah was snapped up at $546 psf - or $600,000 - while an 861 sq ft home at Novena Court was bought for $581 psf, or $500,000.

The 47 transactions comprise only a tiny fraction of the 9,437 secondary transactions of non-landed homes - excluding executive condos - in the market this year. Experts say many of the units could be in older developments, in less convenient locations, in original condition or include private enclosed spaces that reduce the size of the unit's livable space.

Chesterton Suntec International research head Colin Tan noted that many of the Geylang apartments are in seedy red-light districts. Some of the units could also be rented to foreign workers.

'There could also be a financing issue where loans for such units are seen as higher risk, so potential buyers might have to fork out cash instead, further reducing the pool of buyers,' he added.

Cushman & Wakefield's Asia-Pacific research senior manager Ong Kah Seng said such deals, especially for homes at $500,000 and below, have been falling. The number sold below $1 million has also fallen from 74 per cent of all non-landed transactions in 2005 to 45 per cent last year, Cushman's analysis showed.

'The decline in their share is significant, largely due to a run-up in private residential prices over the years,' he said. '(It) also meant there are much fewer lower-cost choices available for buyers who may have to compromise on the accessibility, locality, the size or age, and tenure of their home to meet their budget.'

But bargain-hunters might still bite. Smartloans.sg chief executive Vinod Nair estimates that an 80 per cent loan of $800,000 on a $1 million home on current interest rates means a monthly mortgage of just $2,700 on a 30-year loan.

But Mr Ong said buyers should also note that some properties have limited resale value in terms of locality, or require higher maintenance costs due to age.

Kim Eng analyst Ooi Ti Tung said that completed freehold units below $600 psf are attractive as the replacement cost of such units is at least $650 psf, comprising land and construction costs.

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